Business
MedMira Announces Year End Results
MedMira Announces Year End Results
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\nNov. 30, 2009 (Canada NewsWire Group) -- HALIFAX, Nov. 30 /CNW/ -- MedMira Inc., (\"MedMira\") (TSX Venture: MIR, NASDAQ: MMIRF) a developer and marketer of rapid diagnostics, today announced its financial results for the year end ended July 31, 2009.Net loss for the year was $5.3 million or $0.05 per share compared with $7.0 million or $0.09 per share in the previous year. Last year's net loss included an Impairment Loss Write-Down of $1.7 million (.02 per share). For the year ended July 31, 2009 product sales were $1.1 million, compared to $1.5 million for the previous year.\"In FY 2009 we focused on building for the future, ensuring a solid foundation is in place to support the business development initiatives and strategic partnership opportunities we are pursuing. We are confident that the critical components are now in place to achieve revenue expectations in the coming quarters,\" said Hermes Chan, CEO, MedMira Inc. \"Our streamlined management approach has positioned MedMira as a lean and agile company, ready and able to respond to the market demands we have identified in key regions of the global diagnostics market.Chan continued, \"This year MedMira made progress in all areas of our business, including R&D and advancements on our next generation diagnostics technology platform as well as launching our strategic partnership program and successfully growing our relationship and subsequent sales opportunities with Vitest AG. Our product line continues to grow as we capitalize on our highly adaptable technology platform, exploring new product ideas with customers and developing full commercialization plans for those with the greatest potential and most immediate market demand.\"Overall gross margin for the year was 49%, compared to 35% last year. The gross margin level is in line with management's expectations for the mix of markets in which we operate. For the year ended July 31, 2009 operating expenses were $3.1 million compared to $3.9 million last year.About MedMiraMedMira is a leading developer and manufacturer of flow-through rapid diagnostics. The company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests are sold under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in gl...